SPDR® SSGA Fixed Income Sector Rotation ETF

FISR

Key Features

  • The SPDR SSGA Fixed Income Sector Rotation ETF seeks to provide excess return by tactically allocating among income and yield-generating ETFs based on a proprietary process that combines quantitative and qualitative analysis
  • The fund primarily invests in ETFs that focus on one or more of the following sectors of the fixed income market: bonds issued by U.S. government or agency, treasury inflation protected securities (TIPS), corporate bonds, mortgage-backed securities, high yield bonds, international (including emerging markets) government and corporate bonds, senior loans, floating rate notes, cash equivalents, etc.
  • The Fund invests at least 80% of its net assets in fixed income securities through ETFs
  • Typically rebalanced monthly, but rebalancing may occur more or less frequently depending on market conditions

Fund Information

As of 12/05/2019
Ticker Symbol FISR
Primary Benchmark Bloomberg Barclays U.S. Aggregate Bond Index
CUSIP 78470P507
Options Available No
Gross Expense Ratio

Gross Expense Ratio

The fund's total annual operating expense ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund's most recent prospectus.

0.50%
Inception Date 04/02/2019
Investment Manager SSGA Funds Management, Inc.
Management Team Investment Solutions Group (ISG)
Distributor State Street Global Advisors Funds Distributors, LLC
Distribution Frequency Monthly
Exchange NYSE ARCA EXCHANGE

Fund Documents

Fund Performance

QUARTER END As of 09/30/2019
1 Month-0.14%
QTD2.12%
YTDN/A
1 YearN/A
3 YearN/A
5 YearN/A
10 YearN/A
Inception
6.02%
Performance Disclosure

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Performance of an index is not illustrative of any particular investment.  It is not possible to invest directly in an index.

The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.

Fund Characteristics

As of 12/04/2019
Number of Holdings 7

Fund Market Price

As of 12/04/2019
Bid/Ask $31.34
Closing Price $31.34
Day High $31.51
Day Low $31.34
Exchange Volume (shares) 22
Premium/Discount

Premium/Discount to NAV

Shows the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds calculated as ((4PM Bid/Ask – Closing NAV)  /  Closing NAV * 100)

-0.03%

Yields

As of 12/03/2019
30 Day SEC Yield

30 Day SEC Yield

(Also known as Standardized Yield) An annualized yield that is calculated by dividing the net investment income earned by the fund over the most recent 30-day period by the current maximum offering price.

3.45%
30 Day SEC Yield (Unsubsidized)

30 Day SEC Yield (Unsubsidized)

An annualized yield that is calculated by dividing the net investment income earned by the fund over the most recent 30-day period by the current maximum offering price that does not account for expense ratio waivers.

3.22%
Fund Dividend Yield

Fund Dividend Yield

The sum of the most recent 12 dividends within the past 365 days divided by Net Asset Value per share, expressed as a percentage.

2.00%

Fund Net Asset Value

NAV

The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.

As of 12/04/2019
NAV

NAV

The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.

$31.34
Shares Outstanding 690,000
Total Net Assets $21.63 M

Fund Net Cash Amount

As of 12/04/2019
Net Cash Amount $46,821.80

Purchase Information

Buying and Selling ETFs

ETFs are flexible and easy to trade. Investors buy and sell them like stocks, typically through a brokerage account. Investors can also employ traditional stock trading techniques; including stop orders, limit orders, margin purchases, and short sales using ETFs. They are listed on major US Stock Exchanges.

ETFs are subject to risk similar to those of stocks including those regarding short-selling and margin account maintenance.

Ordinary brokerage commissions apply.

Performance Chart

Fund Before Tax Fund After Tax
Annualized
As of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
04/02/2019
Month End
Bloomberg Barclays U.S. Aggregate Bond Index 10/31/2019 0.30% 0.30% 8.85% 11.51% 3.29% 3.24% 3.73% 6.04%
Quarter End
NAV 09/30/2019 -0.14% 2.12% N/A N/A N/A N/A N/A 6.02%
Market Value 09/30/2019 -0.16% 2.00% N/A N/A N/A N/A N/A N/A
Return after Taxes on Distributions 09/30/2019 -0.23% 1.82% N/A N/A N/A N/A N/A 5.47%
Return after Taxes on Distributions and Sale of Fund Shares 09/30/2019 -0.08% 1.26% N/A N/A N/A N/A N/A 3.55%
Bloomberg Barclays U.S. Aggregate Bond Index 09/30/2019 -0.53% 2.27% 8.52% 10.30% 2.92% 3.38% 3.75% 5.73%
Fund Before Tax Fund After Tax
Annualized
As of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
04/02/2019
Month End
Bloomberg Barclays U.S. Aggregate Bond Index 10/31/2019 0.30% 0.30% 8.85% 11.51% 3.29% 3.24% 3.73% 6.04%
Quarter End
NAV 09/30/2019 -0.14% 2.12% N/A N/A N/A N/A N/A 6.02%
Market Value 09/30/2019 -0.16% 2.00% N/A N/A N/A N/A N/A N/A
Return after Taxes on Distributions 09/30/2019 -0.23% 1.82% N/A N/A N/A N/A N/A 5.47%
Return after Taxes on Distributions and Sale of Fund Shares 09/30/2019 -0.08% 1.26% N/A N/A N/A N/A N/A 3.55%
Bloomberg Barclays U.S. Aggregate Bond Index 09/30/2019 -0.53% 2.27% 8.52% 10.30% 2.92% 3.38% 3.75% 5.73%
Swipe to view all columns
Performance Disclosure

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Performance of an index is not illustrative of any particular investment.  It is not possible to invest directly in an index.

The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.

Gross Expense Ratio: 0.50%

Performance Graphs

Quarter End as of 09/30/2019

Fund Inception Date: 04/02/2019

Index Inception Date: 01/31/1989

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Fund Holdings

Subject to change.

Subject to change.

As of 12/04/2019
Name Ticker Weight
SPDR Portfolio Mortgage Backed Bond ETF SPMB 32.78 %
SPDR Portfolio Intermediate Term Treasury ETF SPTI 24.26 %
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF BIL 17.17 %
SPDR Portfolio Intermediate Term Corporate Bond ETF SPIB 10.64 %
SPDR Bloomberg Barclays High Yield Bond ETF JNK 9.97 %
SPDR Portfolio Long Term Corporate Bond ETF SPLB 5.24 %
State Street Instl Us Governme Open-End 85749270 0.21 %
U.S. Dollar CASH_USD -0.26 %

Index Top Holdings

As of 12/04/2019
Name Weight
Federal National Mortgage Association 3 03/01/2046 0.80 %
Government National Mortgage Association 3 04/01/2046 0.71 %
Government National Mortgage Association 3.5 04/01/2047 0.70 %
Federal National Mortgage Association 4 05/01/2048 0.65 %
Federal National Mortgage Association 3.5 04/01/2047 0.63 %
Federal Home Loan Mortgage Corporation 3 03/01/2046 0.57 %
Federal National Mortgage Association 3.5 01/01/2045 0.51 %
Federal National Mortgage Association 3 03/01/2049 0.47 %
Federal National Mortgage Association 3.5 03/01/2049 0.47 %
Federal National Mortgage Association 4 03/01/2047 0.46 %

Sector Breakdown

As of 12/04/2019
<?xml version="1.0" encoding="UTF-8"?><component><asOfDate>12/04/2019</asOfDate><overrideLabel>Sector Breakdown</overrideLabel><code>FUND_SECTOR_ALLOCATION</code><attributes><attribute><rawValue>32.6</rawValue><value>32.60%</value><label>Mortgage Backed Securities</label><order>1</order></attribute><attribute><rawValue>24.13</rawValue><value>24.13%</value><label>US Treasury Intermediate Maturity</label><order>2</order></attribute><attribute><rawValue>17.08</rawValue><value>17.08%</value><label>US Treasury Bill</label><order>3</order></attribute><attribute><rawValue>10.59</rawValue><value>10.59%</value><label>US Corporate Intermediate Maturity</label><order>4</order></attribute><attribute><rawValue>9.92</rawValue><value>9.92%</value><label>High Yield</label><order>5</order></attribute><attribute><rawValue>5.21</rawValue><value>5.21%</value><label>US Corporate Long Maturity</label><order>6</order></attribute><attribute><rawValue>0.47</rawValue><value>0.47%</value><label>Unassigned</label><order>7</order></attribute></attributes></component>

Index Sector Allocation

As of 12/04/2019
<?xml version="1.0" encoding="UTF-8"?><component><asOfDate>12/04/2019</asOfDate><code>BMARK_SECTOR_ALLOCTAION</code><attributes><attribute><rawValue>39.677347</rawValue><value>39.68%</value><label>Treasury</label><order>1</order></attribute><attribute><rawValue>26.878986</rawValue><value>26.88%</value><label>Mortgage Backed Securities</label><order>2</order></attribute><attribute><rawValue>15.399284</rawValue><value>15.40%</value><label>Corporate - Industrial</label><order>3</order></attribute><attribute><rawValue>7.911584</rawValue><value>7.91%</value><label>Corporate - Finance</label><order>4</order></attribute><attribute><rawValue>2.051772</rawValue><value>2.05%</value><label>CMBS</label><order>5</order></attribute><attribute><rawValue>1.869951</rawValue><value>1.87%</value><label>Corporate - Utility</label><order>6</order></attribute><attribute><rawValue>1.344937</rawValue><value>1.34%</value><label>Non Corporates - Supranationals</label><order>7</order></attribute><attribute><rawValue>1.26032</rawValue><value>1.26%</value><label>Non Corporates - Foreign Agency</label><order>8</order></attribute><attribute><rawValue>1.19701</rawValue><value>1.20%</value><label>Agency</label><order>9</order></attribute><attribute><rawValue>1.011412</rawValue><value>1.01%</value><label>NON CORPORATES - Sovereigns</label><order>10</order></attribute><attribute><rawValue>0.941559</rawValue><value>0.94%</value><label>Non Corporates - Foreign Local Govt</label><order>11</order></attribute><attribute><rawValue>0.45584</rawValue><value>0.46%</value><label>Asset Backed Securities</label><order>12</order></attribute></attributes></component>

In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund. Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

After-tax returns are calculated based on NAV using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index.

As with all stocks, you may be required to deposit more money or securities into your margin account if the equity, including the amount attributable to your ETF shares, declines.

Unless otherwise noted all information contained herein is that of the SPDR SSGA Fixed Income Sector Rotation ETF.

Investment Solutions Group (ISG)

Portfolio Manager Jerry Holly Vice President Show BioHide Bio

Jerry is a Vice President at State Street Global Advisors and a Senior Portfolio Manager with the Investment Solutions Group (ISG). In this role, Jerry is responsible for managing a variety of multi-asset class portfolios, including tactical asset allocation strategies and derivatives-based overlay strategies. He is actively involved in the investment research that underpins the team's views across capital markets and also plays a key role in articulating those perspectives and ideas to clients. Before joining the Investment Solutions Group, Jerry was a member of the firm's Consultant Relations department supporting asset allocation and fixed income investment strategies. Prior to joining SSgA in 2005, Jerry worked as a Research Analyst at Chmura Economics & Analytics - an economic research firm in Richmond, Virginia.

Jerry graduated from the University of Richmond with a Bachelor of Arts degree in Economics. He earned the Chartered Financial Analyst designation and is a member of both the Boston Security Analysts Society and CFA Institute. Jerry also serves on the Board of Directors for Tutoring Plus of Cambridge, a nonprofit tutoring and mentoring organization based in Cambridge, MA.

Head of Portfolio Management Michael O. Martel Managing Director Show BioHide Bio

Mike is a Managing Director of State Street Global Advisors and the Head of Portfolio Management in the Americas for SSGA's Investment Solutions Group (ISG). In this role, he is responsible for the design and management of multi-asset class strategies geared towards meeting the investment objectives of a broad and diverse client base. His work with clients includes aligning assets with long and short-term investment objectives, tactical asset allocation, and employing overlay strategies to enhance return and better manage risks. Prior to this role, Mike led ISG's Exposure Management Team.

He has been working in the investment management field since 1992.

Mike holds a Bachelor of Arts degree in Economics from the College of the Holy Cross and Master degrees in both Finance and Business Administration from the Carroll School of Management at Boston College.

Portfolio Manager Leo Law Assistant Vice President Show BioHide Bio

Leo Law, CFA, is an Assistant Vice President of SSGA and the Adviser and a Portfolio Manager in the Investment Solutions Group (ISG). He is responsible for the portfolio management of several investment strategies, including strategic and tactical global asset allocation. He is also actively involved in the business development of SSGA's model portfolio and defined contribution research. Prior to joining SSGA in 2016, Mr. Law worked as a portfolio analyst at Manulife Asset Management and a derivative analyst at Sun Life Financial, conducting industry wide fundamental research and implementing derivatives strategy to manage variable annuity products. Mr. Law holds a Bachelor of Science degree in Finance with a minor in Mathematics from Boston College.

He earned the Chartered Financial Analyst (CFA) and Financial Risk Manager designations. He is a member the CFA Institute and CFA Society Boston, Inc.

After Tax Returns

After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shres through tad deferred arrangements such as 401(k) plans or individual retiredment accounts. After tax returns may not take into account year end tax adjustments, which are calculated only at the end of each tax year. The after tax returns could differ after year end tax adjustments are accounted for.

Bloomberg Barclays U.S. Aggregate Bond Index

The Bloomberg Barclays U.S. Aggregate Bond Index (the "Index") is designed to measure the performance of the U.S. dollar denominated investment grade bond market, which includes investment grade (must be Baa3/BBB- or higher using the middle rating of Moody's Investors Service, Inc., Standard & Poor's Financial Services, LLC, and Fitch Inc.) government bonds, investment grade corporate bonds, mortgage pass through securities, commercial mortgage backed securities and other asset backed securities that are publicly for sale in the United States. The securities in the Index must have at least 1 year remaining to maturity and must have $300 million or more of outstanding face value. Asset backed securities must have a minimum deal size of $500 million and a minimum tranche size of $25 million. For commercial mortgage backed securities, the original aggregate transaction must have a minimum deal size of $500 million, and a minimum tranche size of $25 million; the aggregate outstanding transaction sizes must be at least $300 million to remain in the Index. In addition, the securities must be U.S. dollar denominated, fixed rate, non-convertible, and taxable. The Index is market capitalization weighted.

Important Risk Information

In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund. Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

Actively managed ETFs do not seek to replicate the performance of a specified index. Because the SPDR SSGA Active Asset Allocation ETFs are actively managed, they are therefore subject to the risk that the investments selected by SSGA may cause the ETFs to underperform relative to their benchmarks or other funds with similar investment objectives.
 
The values of debt securities may decrease as a result of many factors, including, by way of example, general market fluctuations; increases in interest rates; actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments; illiquidity in debt securities markets; and prepayments of principal, which often must be reinvested in obligations paying interest at lower rates.
 
Foreign (non-U.S.) Securities may be subject to greater political, economic, environmental, credit and information risks. Foreign securities may be subject to higher volatility than U.S. securities, due to varying degrees of regulation and limited liquidity. These risks are magnified in emerging markets.

Non-diversified funds that focus on a relatively small number of securities tend to be more volatile than diversified funds and the market as a whole.

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.

Glossary

Premium Discount to NAV

As of 12/04/2019
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® SSGA Fixed Income Sector Rotation ETF FISR $31.34 $31.34 $31.34 -0.03%
Download Fund Data

x axis: # of days y axis: # Premium/Discount percentage

The above information is provided to show the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds.

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.

Centralized Systematic Valuation Aggregated Cash Flow (ACF) File

This information provided is calculated by Bloomberg Finance L.P., a third party not affiliated with SSGA. Neither SSGA nor its affiliates assume any liability for or guarantee the timeliness, accuracy and completeness of the information provided. The information provided is as of the date indicated and is subject to change.

This analysis or any portion thereof may not be revised or changed in any way, reprinted, sold or redistributed without the written consent of SSGA.

This cash flow table and the data contained herein (together, "Content") is provided for informational purposes only, on an "as is" basis. No source of Content, or any of its affiliates (each a "Source"), makes any warranty, express or implied, that the Content is accurate, complete or error-free, and it should not be relied upon as such. No Source guarantees the timeliness, reliability, performance, continued availability, or currency of the Content or any results obtained therefrom. No Source shall be liable for any damages, including without limitation, any special, punitive, indirect, incidental or consequential damages, or any lost profits, arising from the use of or reliance on the Content, even if advised of the possibility of such damages. Nothing in the Content shall constitute or be construed as an offering of financial instruments by any Source, or as investment advice or recommendations by such entities of an investment strategy or whether or not to "buy", "sell" or "hold" an investment.

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